Who gains from Globo swapping its own headquarters to a rental modal in SP?

In one of the 10 largest real estate deals closed in São Paulo this year, the real estate investment fund Vinci Offices, managed by Vinci Partners, bought TV Globo's headquarters in São Paulo for R$ 522 million. The deal will take place through an atypical sale & leaseback contract (Globo sold and will remain in the property as lessee) with a 15-year term, at an estimated rate of return (cap rate) of 7.6% per year.

Inaugurated in 1999, the complex, which includes offices and studios of the country's largest television network in São Paulo, has 56,000 sq meters of built-up area (of which 39,000 sq meters is considered gross leasable area). The 43 thousand sq meters site at Avenida das Nações Unidas (Marginal Pinheiros), also faces Rua Jornalista Roberto Marinho and Avenida Dr. Chucri Zaidan, one of the main business districts in the capital.

An analysis by SiiLA, a company that monitors high-end real estate deals, showed that at the end of the third quarter of this year, the average asking price per sq meter in the Chucri Zaidan region was R$ 104. Between the asking price and the deal closed, however, there is a certain distance: Enel, one of the heavyweights in the electricity sector in the country, left Barueri for the Chucri Zaidan region, paying R$70/sq meters of rent.

Read the full story (in Portuguese).